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K- The following selected transactions occurred during 2024 and 2025 for Arabian Importers. The company ends its accounting year on April 30. (Click the ioon to view the transactions.) Journalize all required entries. Make sure to determine the missing maturity date. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Feb. 1: Loaned $11,000 cash to Britt Durant on a one-year, 6% note. Date Accounts and Explanation 2024 Feb. 1 Note Receivable-Britt Durant Cash Date 2024 Apr. 6 text pages Note Receivable-Putt Masters Sales Revenue Accepted note in exchange for cash. Apr. 6: Sold goods to Putt Masters, receiving a 90-day, 9% note for $9,000. Ignore Cost of Goods Sold. Accounts and Explanation Debit Credit Accrued interest revenue. Debit Get more help. 11,000 HI 9,000 Sold goods for a note Apr. 30: Made a single entry to accrue interest revenue on both notes. (Use months for the one-year note interest computation and a 365-day year for the 90 day note interest computation. Round to the nearest cent.) Date Accounts and Explanation Debit Credit 2024 Apr. 30 Interest Receivable Interest Revenue Credit 11,000 210 9,000 219 C 2 More info 2024 Feb. 1 Apr. 6 Apr. 30 ? 2025 Feb. 1 4 Loaned $11,000 cash to Britt Durant on a one-year, 8% note. Sold goods to Putt Masters, receiving a 90-day, 9% note for $9.000. Ignore Cost of Goods Sold Made a single entry to accrue interest revenue on both notes Collected the maturity value of the Putt Masters note Collected the maturity value of the Durant note Print Done -X

K- The following selected transactions occurred during 2024 and 2025 for Arabian Importers. The company ends its accounting year on April 30. (Click the ioon to view the transactions.) Journalize all required entries. Make sure to determine the missing maturity date. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Feb. 1: Loaned $11,000 cash to Britt Durant on a one-year, 6% note. Date Accounts and Explanation 2024 Feb. 1 Note Receivable-Britt Durant Cash Date 2024 Apr. 6 text pages Note Receivable-Putt Masters Sales Revenue Accepted note in exchange for cash. Apr. 6: Sold goods to Putt Masters, receiving a 90-day, 9% note for $9,000. Ignore Cost of Goods Sold. Accounts and Explanation Debit Credit Accrued interest revenue. Debit Get more help. 11,000 HI 9,000 Sold goods for a note Apr. 30: Made a single entry to accrue interest revenue on both notes. (Use months for the one-year note interest computation and a 365-day year for the 90 day note interest computation. Round to the nearest cent.) Date Accounts and Explanation Debit Credit 2024 Apr. 30 Interest Receivable Interest Revenue Credit 11,000 210 9,000 219 C 2 More info 2024 Feb. 1 Apr. 6 Apr. 30 ? 2025 Feb. 1 4 Loaned $11,000 cash to Britt Durant on a one-year, 8% note. Sold goods to Putt Masters, receiving a 90-day, 9% note for $9.000. Ignore Cost of Goods Sold Made a single entry to accrue interest revenue on both notes Collected the maturity value of the Putt Masters note Collected the maturity value of the Durant note Print Done -X

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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K The following selected transactions occurred during 2024 and 2025 for Arabian Importers. The company ends its accounting year on April 30. (Click the icon to view the transactions.) Journalize all required entries. Make sure to determine the missing maturity date. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Feb. 1: Loaned $11,000 cash to Britt Durant on a one-year, 6% note. Date Accounts and Explanation 2024 Feb. 1 Note Receivable-Britt Durant Cash Etext pages Note Receivable-Putt Masters Sales Revenue Accepted note in exchange for cash. Apr. 6: Sold goods to Putt Masters, receiving a 90-day, 9% note for $9,000. Ignore Cost of Goods Sold. Date Accounts and Explanation Debit Credit 2024 Apr. 6 ere to search Accrued interest revenue. Get more help. Debit i 11,000 Sold goods for a note. Apr. 30: Made a single entry to accrue interest revenue on both notes. (Use months for the one-year note interest computation and a 365-day year for the 90 day note interest computation. Round to the nearest cent.) Date Accounts and Explanation Debit Credit 2024 Apr. 30 Interest Receivable Interest Revenue 3 9,000 Credit 11,000 219 9,000 219 21 2 & More info 2024 Feb. 1 Apr. 6 4 Loaned $11,000 cash to Britt Durant on a one-year, 8% note. Sold goods to Putt Masters, receiving a 90-day, 9% note for $9,000. Ignore Cost of Goods Sold Made a single entry to accrue interest revenue on both notes. Collected the maturity value of the Putt Masters note. Apr. 30 ? 2025 Feb. 1 Collected the maturity value of the Durant note. Print Done - X 55
Transcribed Image Text:K The following selected transactions occurred during 2024 and 2025 for Arabian Importers. The company ends its accounting year on April 30. (Click the icon to view the transactions.) Journalize all required entries. Make sure to determine the missing maturity date. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Feb. 1: Loaned $11,000 cash to Britt Durant on a one-year, 6% note. Date Accounts and Explanation 2024 Feb. 1 Note Receivable-Britt Durant Cash Etext pages Note Receivable-Putt Masters Sales Revenue Accepted note in exchange for cash. Apr. 6: Sold goods to Putt Masters, receiving a 90-day, 9% note for $9,000. Ignore Cost of Goods Sold. Date Accounts and Explanation Debit Credit 2024 Apr. 6 ere to search Accrued interest revenue. Get more help. Debit i 11,000 Sold goods for a note. Apr. 30: Made a single entry to accrue interest revenue on both notes. (Use months for the one-year note interest computation and a 365-day year for the 90 day note interest computation. Round to the nearest cent.) Date Accounts and Explanation Debit Credit 2024 Apr. 30 Interest Receivable Interest Revenue 3 9,000 Credit 11,000 219 9,000 219 21 2 & More info 2024 Feb. 1 Apr. 6 4 Loaned $11,000 cash to Britt Durant on a one-year, 8% note. Sold goods to Putt Masters, receiving a 90-day, 9% note for $9,000. Ignore Cost of Goods Sold Made a single entry to accrue interest revenue on both notes. Collected the maturity value of the Putt Masters note. Apr. 30 ? 2025 Feb. 1 Collected the maturity value of the Durant note. Print Done - X 55
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